US sanctions erase billions from Russia’s wealthiest 50

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As a result of the introduction of new US sanctions and the subsequent decline of the Russian stock market, 50 wealthiest Russians lost a total of $ 12 billion in one day.

Analysts at Forbes note that losses were due to a decline in the Moscow Stock Exchange index by 9%, and the RTS currency index by 11%.

The greatest damage was caused to Oleg Deripaska. After the fall in the value of the shares of RUSAL and En + Group, its overall value declined by a quarter – about $ 1.3 billion. Also significant losses were suffered by Vladimir Potanin, Viktor Vekselberg and Suleiman Kerimov.

Earlier the US Treasury Department  had introduced new sanctions against major Russian businessmen and senior officials, including the heads of  Gazprom and VTB Alexey Miller and Andrei Kostin, businessmen Oleg Deripaska, Viktor Vekselberg and Suleiman Kerimov, Russian Interior Minister Vladimir Kolokoltsev, Secretary of the Security Council of the Russian Federation Nikolay Patrushev, Governor of the Tula region Alexei Dumin and others.

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RUSAL’s statement stresses  that it is concerned about default in connection with US sanctions. The company was the largest aluminium producer in the world, until overtaken by China in 2015. This made Deripaska one of the wealthiest people globally.

While the US government spins the story as “targeting of Putin’s close circle” – many of these people were already wealthy prior to Putin’s political career. Paradoxically, many Russians support the fact the US is squeezing oligarchs, who they deem acquired their resources unfairly. The difference is of course in the way that sanctions affect the economy and not individual owners of firms.

Source Ruposters
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